The demand curve for land will shift to the right because of a(n):
a. decrease in the demand for agricultural produce.
b. increase in the emigration of skilled workers
c. increase in the demand for residential apartments.
d. decrease in the disposable income of the residents.
c
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As you consume additional hamburgers, the relationship between total and marginal utility is that
A) both total and marginal utility increase continuously. B) both total and marginal utility decrease continuously. C) total utility increases, but marginal utility decreases. D) total utility decreases, but marginal utility increases.
Ceteris paribus, an increase in the number of sellers of running shoes causes equilibrium price to
A. Increase and equilibrium quantity to increase. B. Increase and equilibrium quantity to decrease. C. Decrease and equilibrium quantity to increase. D. Decrease and equilibrium quantity to decrease.
Which one of the following is NOT a characteristic of public goods?
A. Public goods can be used by increasing numbers of people at no additional cost. B. It is difficult to charge people on the basis of how much they use. C. Public goods are subject to the principle of rival consumption. D. They are indivisible.
Refer to the above figure. The supply curve is
A. perfectly inelastic. B. unitary for all prices. C. elastic at high prices and inelastic at low prices. D. perfectly elastic.